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Travelzoo Considers Class Action Suit to be Without Merit
Aug 12, 2011 (05:08 PM EDT)
NEW YORK, Aug. 12, 2011 /PRNewswire/ -- Travelzoo Inc. (Nasdaq: TZOO), a global Internet media company, today announced that a purported class action has been filed in the United States District Court for the Southern District of New York against the company and certain of its officers and directors. The complaint alleges violations of federal securities laws, and claims that the company has issued false and misleading information concerning the company's business and prospects. The action seeks unspecified damages on behalf of persons who purchased the company's shares during a recent period.
The company stated that it strongly believes the case is completely without merit. Chris Loughlin, Travelzoo's chief executive officer, commented: "We believe that our disclosures have been accurate and fully compliant with the company's obligations under securities laws and under the rules of NASDAQ. As is the case with many meritless securities class action claims, the filing of this action follows a decline in Travelzoo's share price, in a period of continued volatility in the share price. We intend to vigorously defend against these meritless claims."
Travelzoo Inc. is a global Internet media company. With more than 24 million subscribers in North America, Europe, and Asia Pacific and 23 offices worldwide, Travelzoo® publishes deals from more than 2,000 travel, entertainment and local companies. Travelzoo Deal Experts review offers to find the best deals and confirm their true value. In Asia Pacific, Travelzoo is independently owned and operated by Travelzoo (Asia) Ltd. and Travelzoo Japan K.K. under a license agreement with Travelzoo Inc.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words "expect", "predict", "project", "anticipate", "believe", "estimate", "intend", "plan", "seek" and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. Travelzoo and Top 20 are registered trademarks of Travelzoo. All other names are trademarks and/or registered trademarks of their respective owners.